© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
The US Dollar traded almost flat against the Canadian Dollar by midday on Thursday, as the currency exchange rate found support in a cluster below and rebounded. Previously, on Wednesday the currency pair reached once more for the channel up pattern's resistance line. However, the Greenback bounced off the resistance and plummeted afterwards to end the day's trading session at 1.3080. It is most likely that the currency pair will move slightly higher during today's session, as it is supported by a strong cluster of levels of significance, and some profit taking might occur, as the Dollar is sold against the Loonie.
Traders' Sentiment
There are now 67% of all open positions being short (previously 68%), whereas 55% of all pending orders are to buy the Greenback.
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